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Redeployment of corporate resources: A study of acquisition strategies in the US defense industries, 1978-1996

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  • Jaideep Anand

    (Fisher College of Business, Columbus, OH 43210-1144, USA)

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    Abstract

    How are excess resources redeployed when an industry declines? These resources can be redeployed within the firm through diversification and across firms through a market interface. Acquisitions can play an important role in either of these mechanisms. First, acquisitions can provide new complementary resources and facilitate the redeployment of excess resources within the firm through recombination. Second, horizontal acquisitions can facilitate consolidation and disposal of excess or redundant resources that can be redeployed elsewhere through a market interface. I study both these kinds of acquisitions in the US defense industries (1978-1996), and explain the choice between the two acquisition strategies on the basis of the business environment, underlying resources of the firm, and to a lesser extent, as a consequence of agency forces within the firm. I derive implications for strategic transformation of firms, and the resource-based and evolutionary perspectives. Copyright © 2004 John Wiley & Sons, Ltd.

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    File URL: http://hdl.handle.net/10.1002/mde.1197
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    Bibliographic Info

    Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

    Volume (Year): 25 (2004)
    Issue (Month): 6-7 ()
    Pages: 383-400

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    Handle: RePEc:wly:mgtdec:v:25:y:2004:i:6-7:p:383-400

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    Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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    1. Dutz, Mark A., 1989. "Horizontal mergers in declining industries : Theory and evidence," International Journal of Industrial Organization, Elsevier, vol. 7(1), pages 11-33, March.
    2. Gatignon, Hubert & Anderson, Erin, 1988. "The Multinational Corporation's Degree of Control over Foreign Subsidiaries: An Empirical Test of a Transaction Cost Explanation," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(2), pages 305-36, Fall.
    3. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
    4. Jurgen Brauer & John Tepper Marlin, 1992. "Converting Resources from Military to Non-military Uses," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 145-164, Fall.
    5. Venkatram Ramaswamy & Eugene W. Anderson & Wayne S. DeSarbo, 1994. "A Disaggregate Negative Binomial Regression Procedure for Count Data Analysis," Management Science, INFORMS, vol. 40(3), pages 405-417, March.
    6. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
    7. Teece, David J., 1982. "Towards an economic theory of the multiproduct firm," Journal of Economic Behavior & Organization, Elsevier, vol. 3(1), pages 39-63, March.
    8. Megna, Pamela & Mueller, Dennis C, 1991. "Profit Rates and Intangible Capital," The Review of Economics and Statistics, MIT Press, vol. 73(4), pages 632-42, November.
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